Stocks making the biggest moves midday: Wendy’s, Starbucks, Maxar Technologies and more

The Wendy’s Co. logo is seen on a cup displayed for a photograph at a restaurant location in Daly City, California. J.P. Morgan called Maxar “a high-risk/high-reward opportunity” as the company is in the early stages of a turnaround plan. HD Supply Holdings— Shares of industrial distributor HD Supply tanked nearly 8% after missing analysts’ estimates for its second-quarter earnings. The company see earnings per share of $3.45 to $3.60 per share, compared to the consensus estimate of $3.58 a shar


The Wendy’s Co. logo is seen on a cup displayed for a photograph at a restaurant location in Daly City, California. J.P. Morgan called Maxar “a high-risk/high-reward opportunity” as the company is in the early stages of a turnaround plan. HD Supply Holdings— Shares of industrial distributor HD Supply tanked nearly 8% after missing analysts’ estimates for its second-quarter earnings. The company see earnings per share of $3.45 to $3.60 per share, compared to the consensus estimate of $3.58 a shar
Stocks making the biggest moves midday: Wendy’s, Starbucks, Maxar Technologies and more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, earnings, maxar, verizon, wendys, technologies, company, supply, wall, shares, starbucks, share, moves, midday, firm, making, fell, stocks, biggest


Stocks making the biggest moves midday: Wendy's, Starbucks, Maxar Technologies and more

The Wendy’s Co. logo is seen on a cup displayed for a photograph at a restaurant location in Daly City, California.

Check out the companies making headlines in midday trading:

Wendy’s— Shares of fast-food restaurant chain Wendy’s tanked more than 10% following a downgrade to neutral from buy from Guggenheim, citing Wendy’s “risky” entry into the breakfast food category. The firm said the new initiative is diluting free cash flow generation, as it caused the food company to slash its 2019 outlook.

Maxar Technologies— Shares of the space conglomerate jumped 12.8% after J.P. Morgan began covering the stock with an overweight rating and a price target of $12 a share. The price target, set for the end of 2020, represents a 70% gain in Maxar’s stock. J.P. Morgan called Maxar “a high-risk/high-reward opportunity” as the company is in the early stages of a turnaround plan.

Ford Motor— Ford Motor shares dropped more than 3% after Moody’s downgraded the auto maker’s credit rating to junk from investment grade. The credit agency cited potentially weak earnings and cash flow as Ford kicks off a long and costly restructuring program.

Starbucks— Shares of Starbucks fell 4% after the Wall Street Journal reported the coffee chain agreed to give information to the Securities and Exchange Commission about its accounting practices.

Dollar General— Shares of discount retailer Dollar General fell 2.5% following a downgraded from Bernstein to market perform from outperform. The firm said it sees sales and earnings growth as “less certain” than in the past. Bernstein said it prefers Dollar Tree as a defensive play.

Mosaic—Shares of fertilizer company Mosaic rose more than 4% after it announced a $250 million share buyback plan. Mosaic also said it would slow its phosphate operations in Louisiana because more imports into the country have pushed down prices.

Sanderson Farms— Shares of chicken producer Sanderson Farms fell more than 4% after the company received a subpoena related to the Department of Justice’s investigation into chicken pricing. The ongoing investigation is looking into allegations that poultry producers like Sanderson, Tyson Foods, and Pilgrim’s Pride conspired to fix poultry prices.

Mallinckrodt— Shares of pharmaceutical company Mallinckrodt soared more than 50% after the drugmaker sold its contract development and manufacturing unit BioVectra to an affiliate of private-equity firm H.I.G. Capital for about $250 million.

HD Supply Holdings— Shares of industrial distributor HD Supply tanked nearly 8% after missing analysts’ estimates for its second-quarter earnings. HD Supply reported revenue of $1.620 billion, compared to the $1.632 forecast by Wall Street analysts, according to FactSet. The company also issued full-year earnings per share guidance on the low end of the estimated range. The company see earnings per share of $3.45 to $3.60 per share, compared to the consensus estimate of $3.58 a share.

Verizon—Shares of wireless carrier Verizon popped 1.5% after being named to Citi’s “positive catalysts” watch list. Citi said it expects shares of Verizon to trade higher into the company’s next earnings report due to a low rate environment. Verizon is know for its high and stable 4.1% dividend yield.

— CNBC’s Michael Sheetz and Fred Imbert contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: maggie fitzgerald
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GameStop shares tank after earnings miss, cuts sales forecast

Shares of GameStop fell more than 15% in extended trading Tuesday after the company reported second quarter earnings and sales that missed analysts’ expectations while significantly lowering its same-store sales forecast. Trends such as gaming on smartphones or on a computer have also grown in popularity, which are stealing sales from GameStop’s brick-and-mortar shops. It also said it plans to spend less on capital expenditures, lowering its forecast to a range of $90 million to $95 million comp


Shares of GameStop fell more than 15% in extended trading Tuesday after the company reported second quarter earnings and sales that missed analysts’ expectations while significantly lowering its same-store sales forecast. Trends such as gaming on smartphones or on a computer have also grown in popularity, which are stealing sales from GameStop’s brick-and-mortar shops. It also said it plans to spend less on capital expenditures, lowering its forecast to a range of $90 million to $95 million comp
GameStop shares tank after earnings miss, cuts sales forecast Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: jasmine wu
Keywords: news, cnbc, companies, cents, loss, compared, shares, company, share, miss, earnings, sales, tank, million, gamestop, cuts, gaming, forecast


GameStop shares tank after earnings miss, cuts sales forecast

Shares of GameStop fell more than 15% in extended trading Tuesday after the company reported second quarter earnings and sales that missed analysts’ expectations while significantly lowering its same-store sales forecast.

The company has been struggling to grow sales as consumers increasingly turn to purchasing games and gaming consoles online, through e-commerce sites such as Amazon. Trends such as gaming on smartphones or on a computer have also grown in popularity, which are stealing sales from GameStop’s brick-and-mortar shops. It also has been a while since consumers have gotten excited about a new gaming system.

“While we experienced sales declines across a number of our categories during the quarter, these trends are consistent with what we have historically observed towards the end of a hardware cycle,” CFO Jim Bell said, in a written statement.

Here’s what the company reported compared with what Wall Street expected, based on a survey of analysts by Refinitiv:

Adjusted earnings per share: loss of 32 cents vs. 21 cent loss expected

Revenue: $1.29 billion vs. $1.34 billion expected

GameStop lowered its same-store sales forecast for the fiscal year. It said it now expects sales at stores open at least 12 months to fall in the low teens, compared with prior expectations of a decrease between 5% and 10%.

It also said it plans to spend less on capital expenditures, lowering its forecast to a range of $90 million to $95 million compared with a previous expectation of $100 million to $110 million.

“We will continue to manage the underlying businesses to produce meaningful cash returns, while maintaining a strong balance sheet and investing responsibly in our strategic initiatives,” Bell said.

GameStop said its net loss widened to $415.3 million, or $4.15 a share, from a loss of $24.9 million, or 24 cents a share, a year earlier. Excluding a $400.9 million impairment charge and other items, the company’s adjusted loss from continuing operations was 32 cents a share. Analysts expected a loss of 21 cents a share, according to a survey from Refinitiv.

It might be too soon to tell whether the earnings miss is a blow to Michael Burry’s thesis about GameStop. In August, the investor, who is most known for his calls on the subprime mortgage market that were featured in the book “The Big Short,” said he believed GameStop still had upside potential. Sony and Microsoft’s upcoming consoles will have physical optic drives, which will extend GameStop’s life significantly, he told Barron’s. He said the stock looks worse than it is. Shares of GameStop jumped more than 18% on that report.

Currently, the stock is trading at around $5 and has fallen almost 60% since January. The company has a market value of $521 million.


Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: jasmine wu
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Stocks making the biggest moves after hours: GameStop, RH and more

That range is well below the $1.49 per share Wall Street had projected, according to a Refinitiv consensus estimate. Wall Street expected an adjusted loss of 21 cents a share and $1.34 billion in revenue, according to Refinitiv consensus estimates. Analysts had expected earnings of $2.70 a share and $698 million in revenue, according to Refinitiv consensus estimates. The company also raised its third-quarter forecast, saying it now expects adjusted earnings per share between $2.08 and $2.18. Wal


That range is well below the $1.49 per share Wall Street had projected, according to a Refinitiv consensus estimate. Wall Street expected an adjusted loss of 21 cents a share and $1.34 billion in revenue, according to Refinitiv consensus estimates. Analysts had expected earnings of $2.70 a share and $698 million in revenue, according to Refinitiv consensus estimates. The company also raised its third-quarter forecast, saying it now expects adjusted earnings per share between $2.08 and $2.18. Wal
Stocks making the biggest moves after hours: GameStop, RH and more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: ganesh setty, jasmine wu
Keywords: news, cnbc, companies, stocks, revenue, cents, expected, company, adjusted, making, share, earnings, moves, hours, refinitiv, consensus, million, gamestop, biggest


Stocks making the biggest moves after hours: GameStop, RH and more

Check out the companies making headlines after the bell:

Shares of GameStop plummeted more than 16% after the company cut its forecast and reported second quarter earnings that fell short of expectations. The company said it expects adjusted full-year earnings per share between $1.15 and $1.30. That range is well below the $1.49 per share Wall Street had projected, according to a Refinitiv consensus estimate. For the second quarter, the gaming retailer reported an adjusted loss per share of 32 cents and revenue of $1.29 billion. Wall Street expected an adjusted loss of 21 cents a share and $1.34 billion in revenue, according to Refinitiv consensus estimates.

Zscaler shares plunged nearly 20% following weak earnings guidance and a fourth-quarter earnings miss. The company posted an adjusted loss of 7 cents per share compared to expected profit of 1 cent per share. Revenue, however, came in better than expected at $86.1 million, compared with the $82.8 million forecast by analysts polled by Refinitiv.

Shares of RH, formerly known as Restoration Hardware, jumped as much as 6% after posting better-than-expected second-quarter earnings and revenue. The home-furnishing company reported adjusted earnings per share of $3.20 and $707 million in revenue. Analysts had expected earnings of $2.70 a share and $698 million in revenue, according to Refinitiv consensus estimates. The company also raised its third-quarter forecast, saying it now expects adjusted earnings per share between $2.08 and $2.18. Wall Street had projected third-quarter adjusted earnings of $1.82 per share, according to a Refinitiv consensus estimate.

The stock later lost those gains and was last seen trading about 3% below its closing price. As of their Tuesday close, RH shares have gained more than 32% so far this year.

Dave and Buster’s shares plunged 13% after the company lowered its outlook “in light of a competitive environment” and reported weaker-than-expected same-store sales. The company said comparable store sales declined 1.8% during the second quarter, compared with the 0.5% decline expected by analysts polled by Refinitiv. That news overshadowed earnings and revenue that topped expectations. The restaurant and entertainment company posted adjusted earnings per share of 90 cents and revenue of $345 million, compared to Refinitiv consensus estimates of 84 cents and $344 million, respectively.


Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: ganesh setty, jasmine wu
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Peloton sets IPO range between $26 and $29 per share, looks to raise as much as $1.2 billion

Peloton seeks to raise as much as $1.16 billion in its initial public offering, the company known for its connected at-home fitness equipment said Tuesday in a regulatory filing. Peloton plans to price its shares between $26 and $29. The company is offering 40 million shares, which would value Peloton at $8.06 billion at the high end of the range. In the fiscal year ended June 30, Peloton reported sales grew 110% to $915 million from $435 million in fiscal 2018. Meanwhile, its 2019 net loss wide


Peloton seeks to raise as much as $1.16 billion in its initial public offering, the company known for its connected at-home fitness equipment said Tuesday in a regulatory filing. Peloton plans to price its shares between $26 and $29. The company is offering 40 million shares, which would value Peloton at $8.06 billion at the high end of the range. In the fiscal year ended June 30, Peloton reported sales grew 110% to $915 million from $435 million in fiscal 2018. Meanwhile, its 2019 net loss wide
Peloton sets IPO range between $26 and $29 per share, looks to raise as much as $1.2 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: angelica lavito
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Peloton sets IPO range between $26 and $29 per share, looks to raise as much as $1.2 billion

Peloton seeks to raise as much as $1.16 billion in its initial public offering, the company known for its connected at-home fitness equipment said Tuesday in a regulatory filing.

Peloton plans to price its shares between $26 and $29. The company is offering 40 million shares, which would value Peloton at $8.06 billion at the high end of the range.

The company sells fitness equipment, including stationary bikes and treadmills, that are equipped with screens. Users pay $39 a month to stream Peloton’s classes.

Peloton filed its initial prospectus last month. Documents showed while Peloton’s revenue is growing, its losses are widening. In the fiscal year ended June 30, Peloton reported sales grew 110% to $915 million from $435 million in fiscal 2018. Meanwhile, its 2019 net loss widened to $245.7 million, from a net loss of $47.9 million in the prior year.

Peloton, which will list under the ticker PTON, expects to trade its shares on Nasdaq.

Peloton made it onto CNBC’s “Disruptor 50” list the past two years.

Disclosure: CNBC parent Comcast-NBCUniversal is an investor in Peloton.

— CNBC’s Lauren Hirsch contributed to this story


Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: angelica lavito
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Analysts are skeptical about Wendy’s nationwide breakfast; stock sinks 10%

Analysts are skeptical about Wendy’s latest foray into breakfast, which is slated for a nationwide launch next year. Wendy’s currently serves breakfast in roughly 300 stores but will add it to more than 5,000 U.S. stores in 2019. Prior attempts by Wendy’s to enter the breakfast market have not bred confidence among analysts. “Wendy’s has had multiple attempts to establish a breakfast business, 1985, 2006 and 2010, that were unsuccessful and pressured franchise margins.” Profitability is also a c


Analysts are skeptical about Wendy’s latest foray into breakfast, which is slated for a nationwide launch next year. Wendy’s currently serves breakfast in roughly 300 stores but will add it to more than 5,000 U.S. stores in 2019. Prior attempts by Wendy’s to enter the breakfast market have not bred confidence among analysts. “Wendy’s has had multiple attempts to establish a breakfast business, 1985, 2006 and 2010, that were unsuccessful and pressured franchise margins.” Profitability is also a c
Analysts are skeptical about Wendy’s nationwide breakfast; stock sinks 10% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: amelia lucas
Keywords: news, cnbc, companies, wendys, market, skeptical, sinks, wrote, nationwide, stock, breakfast, stores, share, mcdonalds, sales, analyst, analysts


Analysts are skeptical about Wendy's nationwide breakfast; stock sinks 10%

A customer pulls up to the drive-thru speaker outside a Wendy’s restaurant in Peoria, Illinois.

Analysts are skeptical about Wendy’s latest foray into breakfast, which is slated for a nationwide launch next year.

After receiving multiple downgrades, shares of the company closed down 10% Tuesday. The stock, which has a market value of $4.5 billion, is up 26% this year.

Wendy’s currently serves breakfast in roughly 300 stores but will add it to more than 5,000 U.S. stores in 2019.

Prior attempts by Wendy’s to enter the breakfast market have not bred confidence among analysts. Although it could boost sales, the move could hurt Wendy’s profits.

“We view the decision to make another attempt at entering breakfast as a potentially risky way to add topline growth,” Guggenheim analyst Matthew DiFrisco wrote in a research note. “Wendy’s has had multiple attempts to establish a breakfast business, 1985, 2006 and 2010, that were unsuccessful and pressured franchise margins.”

Guggenheim downgraded Wendy’s to neutral from buy.

Profitability is also a concern for BMO Capital Markets analyst Andrew Strelzik, who gives Wendy’s stock an outperform rating. McDonald’s breakfast took eight years to become profitable, while Taco Bell did not break even on the early morning meal for 18 to 24 months, he wrote.

To ensure the success of the launch, Wendy’s plans to hire about 20,000 additional employees.

“We are cautious on the prospects given the required upfront investment but uncertain payoff, additional labor needs at a time of already low availability, necessity to take market share from established competitors like McDonald’s (MCD, Buy, $220 PT) and general difficulty of daypart expansion in the industry,” BTIG analyst Peter Saleh wrote in a note.

Saleh downgraded Wendy’s to neutral from buy.

Consumers tend to be loyal when it comes to breakfast. That means that Wendy’s will have to persuade customers to switch from McDonald’s or Dunkin’.

But not all analysts are pessimistic about Wendy’s chance of success.

“Limited details are available about the relaunch; however, we are (at a high-level) positively biased on the long-term opportunity,” Piper Jaffray analyst Nicole Miller Regan wrote.

She added that monthly research into Wendy’s performance has picked up generally positive customer feedback.

If breakfast works out for Wendy’s, it could help boost traffic and same-store sales growth as the overall fast-food burger industry struggles.

“Breakfast is presumably the most concrete initiative Wendy’s can offer to help drive upside to the 1.5%-2% annual same store sales track record experienced in 7 of the last 9 years,” Cowen analyst Andrew Charles said in a note.

Investors will be waiting for Oct. 11, the company’s investor day, to learn more about how this time will be different. Wendy’s also plans to share its 2020 outlook then.

Wendy’s did not immediately respond to a request for comment.


Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: amelia lucas
Keywords: news, cnbc, companies, wendys, market, skeptical, sinks, wrote, nationwide, stock, breakfast, stores, share, mcdonalds, sales, analyst, analysts


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Space company Maxar shares rally as JP Morgan calls for stock to climb over 70%

Maxar shares climbed 19.2% in trading to close at $8.38, its best single day of trading since May 23. J.P. Morgan’s “blue-sky scenario” would see Maxar’s stock at over $20 a share, which would represent an increase of nearly 185%. About 2½ years ago, Maxar’s stock traded as high as $66.46 a share and was completing its merger with Digital Globe. The company had also previously merged with Space Systems Loral (SSL), the satellite manufacturing company that is today a Maxar unit. At the stock’s lo


Maxar shares climbed 19.2% in trading to close at $8.38, its best single day of trading since May 23. J.P. Morgan’s “blue-sky scenario” would see Maxar’s stock at over $20 a share, which would represent an increase of nearly 185%. About 2½ years ago, Maxar’s stock traded as high as $66.46 a share and was completing its merger with Digital Globe. The company had also previously merged with Space Systems Loral (SSL), the satellite manufacturing company that is today a Maxar unit. At the stock’s lo
Space company Maxar shares rally as JP Morgan calls for stock to climb over 70% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: michael sheetz
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Space company Maxar shares rally as JP Morgan calls for stock to climb over 70%

J.P. Morgan began coverage of Maxar Technologies on Tuesday with an overweight rating, telling investors that the diminished space conglomerate is in the early stages of a turnaround that would yield over 70% upside by the end of 2020.

“We see Maxar as a high-risk/high-reward opportunity in the Space industry. We believe the next 24 months are critical as the company progresses on its turnaround plan and addresses its high leverage and debt levels, which should create value for equity holders,” J.P. Morgan analyst Benjamin Arnstein said in a note.

Maxar shares climbed 19.2% in trading to close at $8.38, its best single day of trading since May 23.

J.P. Morgan has a $12 price target on the stock. Arnstein explained that the firm’s target is conservative, based on its sum-of-the-parts analysis of Maxar’s four business units.

“We could see even greater upside after the company addresses its debt overhang,” Arnstein said.

J.P. Morgan’s “blue-sky scenario” would see Maxar’s stock at over $20 a share, which would represent an increase of nearly 185%. But the firm’s downside case, where Maxar’s debt load would slowly crush the company, would see the stock’s value at $5 a share, “or potentially zero,” Arnstein said.

“We believe investors will need to become more comfortable with the company’s cash generation potential and removing the debt and leverage overhang,” Arnstein added.

About 2½ years ago, Maxar’s stock traded as high as $66.46 a share and was completing its merger with Digital Globe. The company had also previously merged with Space Systems Loral (SSL), the satellite manufacturing company that is today a Maxar unit.

“Maxar came together in late 2017 but quickly ran into trouble at SSL … and then lost a high margin Imagery satellite,” Arnstein said. “Additionally, the company entered an investment cycle that resulted in significant cash outflows all while saddled with new debt from the transaction that created Maxar.”

At the stock’s low in March of $3.96 a share, Maxar had lost nearly 95% of its value. But Maxar shares have slowly begun to rise over the past six months. Maxar appointed Dan Jablonsky, previously the leader of its DigitalGlobe unit, as CEO in January. The stock has also had large percentage gains following recent wins, such as a NASA’s contract for Maxar to build a lunar orbiting platform and a report it may sell its space robotics business MDA for more than $1 billion.

“Maxar is not yet out of the woods but we see a viable path forward as the investment cycle tapers off and cost reduction efforts offset lower volumes at SSL,” Arnstein said.


Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: michael sheetz
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Stocks making the biggest moves premarket: Amazon, E*Trade, Royal Caribbean, PG&E & more

The positions are all full time with benefits, and are unrelated to the usual yearly increase in holiday season hiring. Chipotle Mexican Grill – Wedbush upgraded the restaurant operator’s stock to “outperform” from “neutral,” and raised the price target by $200 to $980 per share. Royal Caribbean – Royal Caribbean declared a quarterly dividend of 78 cents per share, an 11% increase from the prior payout. Eli Lilly – Lilly said its experimental lung cancer drug LOXO-292 shrank tumors in almost 70%


The positions are all full time with benefits, and are unrelated to the usual yearly increase in holiday season hiring. Chipotle Mexican Grill – Wedbush upgraded the restaurant operator’s stock to “outperform” from “neutral,” and raised the price target by $200 to $980 per share. Royal Caribbean – Royal Caribbean declared a quarterly dividend of 78 cents per share, an 11% increase from the prior payout. Eli Lilly – Lilly said its experimental lung cancer drug LOXO-292 shrank tumors in almost 70%
Stocks making the biggest moves premarket: Amazon, E*Trade, Royal Caribbean, PG&E & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-09  Authors: peter schacknow, fred imbert
Keywords: news, cnbc, companies, pge, bank, upgraded, stock, premarket, share, digital, amazon, biggest, increase, wedbush, stocks, etrade, caribbean, moves, making, outperform, market, royal, lilly


Stocks making the biggest moves premarket: Amazon, E*Trade, Royal Caribbean, PG&E & more

Check out the companies making headlines before the bell:

AT&T – Elliott Management revealed a $3.2 billion stake in AT&T and sent a letter to the company’s board detailing a plan to improve AT&T’s operations and stock price. Elliott said its plan could lead to a share value of $60 or more by the end of 2021.

Amazon.com – Amazon is holding an “Amazon Career Day” in six cities on September 17, in an effort to fill more than 30,000 jobs by early next year. The positions are all full time with benefits, and are unrelated to the usual yearly increase in holiday season hiring.

E*Trade – The online brokerage’s stock was downgraded to “market perform” from “outperform” at Keefe, Bruyette, & Woods, based on the firm’s expectations for the federal funds rate and treasury yields.

Chipotle Mexican Grill – Wedbush upgraded the restaurant operator’s stock to “outperform” from “neutral,” and raised the price target by $200 to $980 per share. Wedbush thinks Chipotle is in position to establish a “digital moat” as the industry transitions to a larger mix of digital transactions.

Energizer Holdings – Bank of America/Merrill Lynch gave the shares a double upgrade, to “buy” from “underperform,” saying negative factors that it had previously highlighted were in the rear view mirror and that major risks are now known.

Royal Caribbean – Royal Caribbean declared a quarterly dividend of 78 cents per share, an 11% increase from the prior payout. The cruise line operator said the move reflected the company’s continuing efforts to increase shareholder returns. The stock is down almost 13% over the past 12 months although it has gained about 11% in 2019.

Eli Lilly – Lilly said its experimental lung cancer drug LOXO-292 shrank tumors in almost 70% of advanced lung cancer patients. The drug was acquired earlier this year when Lilly bought Loxo Oncology for $8 billion.

JP Morgan Chase – The bank is close to winning the lead advisory role for Saudi Aramco’s initial public offering, according to people with knowledge of the situation who spoke to CNBC.

PG&E – The utility was offered $2.5 billion by the city of San Francisco for its electrical lines serving the city. PG&E is trying to work its way out of bankruptcy, as it faces billions in liabilities for its role in a series of deadly California wildfires.

Boeing – Boeing suspended load testing for its new 777X aircraft, saying its team “encountered an issue.” Boeing did not specify the problem, but media reports said a cargo door failed a ground stress test. The load testing places stress on jets that are well above normal conditions.

HP Inc. – HP Inc. was downgraded to “market perform” from “outperform” at Bernstein, which said the computer and printer maker may face greater structural headwinds from the shift to digital communications.

Las Vegas Sands – The casino operator was upgraded to “buy” from “hold” at Deutsche Bank, which said bearish sentiment regarding the Macau gaming market has created an attractive entry point for medium to longer term investors.


Company: cnbc, Activity: cnbc, Date: 2019-09-09  Authors: peter schacknow, fred imbert
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Stocks making the biggest moves after hours: Wendy’s, Ford and more

The fast food restaurant chain said it plans to invest about $20 million in its U.S. locations ahead of the launch. Wendy’s said it now expects adjusted earnings per share to decline between 3.5% and 6.5% in 2019. Ford shares fell about 3% in extended trade after Moody’s downgraded the automaker’s debt rating to junk. Moody’s said Ford’s restructuring plans are “expected to extend for several years with $11 billion in charges, and a cash cost of approximately $7 billion.” Shares of Mosaic rose 1


The fast food restaurant chain said it plans to invest about $20 million in its U.S. locations ahead of the launch. Wendy’s said it now expects adjusted earnings per share to decline between 3.5% and 6.5% in 2019. Ford shares fell about 3% in extended trade after Moody’s downgraded the automaker’s debt rating to junk. Moody’s said Ford’s restructuring plans are “expected to extend for several years with $11 billion in charges, and a cash cost of approximately $7 billion.” Shares of Mosaic rose 1
Stocks making the biggest moves after hours: Wendy’s, Ford and more Cached Page below :
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Stocks making the biggest moves after hours: Wendy's, Ford and more

Check out the companies making headlines after the bell:

Wendy’s shares fell about 4% after the company slashed its 2019 forecast as it announced plans to roll out breakfast nationwide next year. The fast food restaurant chain said it plans to invest about $20 million in its U.S. locations ahead of the launch. Wendy’s said it now expects adjusted earnings per share to decline between 3.5% and 6.5% in 2019. It previously had forecast adjusted earnings per share growth between 3.5% to 7%.

Ford shares fell about 3% in extended trade after Moody’s downgraded the automaker’s debt rating to junk. The credit rating agency cited Ford’s “considerable operating and market challenges.” Moody’s said Ford’s restructuring plans are “expected to extend for several years with $11 billion in charges, and a cash cost of approximately $7 billion.” Ford, however, “does have a sound balance sheet and liquidity position from which to operate,” said Bruce Clark, senior vice president with Moody’s.

Shares of Mosaic rose 1% after the fertilizer company announced a buyback of up to $250 million. Mosaic also said it will trim its Louisiana phosphate production in a move to speed up inventory reduction. The company said it expects strong fertilizer application in North America this fall as well as a “more balanced global supply-and-demand picture” next year.


Company: cnbc, Activity: cnbc, Date: 2019-09-09  Authors: christine wang
Keywords: news, cnbc, companies, wendys, stocks, shares, mosaic, biggest, share, million, moves, ford, rating, fords, making, moodys, plans, company, forecast, hours


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Scandal at Nissan deepens as CEO Saikawa resigns after admitting he was improperly overpaid

Hiroto Saikawa, president and chief executive officer of Nissan Motor Co., speaks to a member of the media in Tokyo, Japan, on Wednesday, June 12, 2019. “Hiroto Saikawa had indicated recently his willingness to resign,” Nissan said in a release Monday. “After discussion, the Board asked him to resign as representative executive officer and CEO of the company, effective September 16, and he accepted.” Saikawa, who started at Nissan in 1977, was appointed CEO in April 2017, following serving as co


Hiroto Saikawa, president and chief executive officer of Nissan Motor Co., speaks to a member of the media in Tokyo, Japan, on Wednesday, June 12, 2019. “Hiroto Saikawa had indicated recently his willingness to resign,” Nissan said in a release Monday. “After discussion, the Board asked him to resign as representative executive officer and CEO of the company, effective September 16, and he accepted.” Saikawa, who started at Nissan in 1977, was appointed CEO in April 2017, following serving as co
Scandal at Nissan deepens as CEO Saikawa resigns after admitting he was improperly overpaid Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-09  Authors: michael wayland, saheli roy choudhury
Keywords: news, cnbc, companies, saikawas, compensation, share, officer, saikawa, overpaid, scandal, deepens, investigation, ghosn, ceo, nissan, improperly, resigns, admitting, rights


Scandal at Nissan deepens as CEO Saikawa resigns after admitting he was improperly overpaid

Hiroto Saikawa, president and chief executive officer of Nissan Motor Co., speaks to a member of the media in Tokyo, Japan, on Wednesday, June 12, 2019.

Nissan Motor CEO Hiroto Saikawa is stepping down after an internal investigation revealed falsified documents that boosted his compensation in 2013 by about $900,000 — further deepening a scandal that erupted with the arrest of former Chairman Carlos Ghosn last year.

“Hiroto Saikawa had indicated recently his willingness to resign,” Nissan said in a release Monday. “After discussion, the Board asked him to resign as representative executive officer and CEO of the company, effective September 16, and he accepted.”

Saikawa will be temporarily replaced by Chief Operating Officer Yasuhiro Yamauchi, the company said. Nissan expects to announce a successor for Saikawa by October.

Saikawa, who admitted to the overpayment last week, told a news conference in Tokyo that he wanted to solve the company’s issues before stepping down, and he apologized for not being able to do so, according to Reuters. He also said he would return the improper compensation. Saikawa’s admission of overpayment, following the yearlong investigation, has pitched Nissan into fresh crisis and appears to have accelerated the search for a permanent replacement.

Nissan said its internal investigation, originally launched to look into Ghosn and board director Greg Kelly, said Saikawa’s problem started when he complained about his pay in 2013.

While his pay wasn’t adjusted, executives recalculated “the amount of compensation receivable from Saikawa’s share appreciation rights that had already been exercised for a fixed amount, and falsified documents to give the appearance that the share appreciation rights in question had in fact been exercised one week after the actual exercise date,” according to a five-page summary of the report released Monday.

The change boosted his compensation by about 96.5 yen at the time, or roughly $900,000, based on current foreign exchange rates.

Saikawa, who started at Nissan in 1977, was appointed CEO in April 2017, following serving as co-CEO with Ghosn from November 2016.

The report accuses Ghosn and Kelly of concealing $84.8 million in Ghosn’s compensation and an additional $21.2 million in “share appreciation rights” for Ghosn.


Company: cnbc, Activity: cnbc, Date: 2019-09-09  Authors: michael wayland, saheli roy choudhury
Keywords: news, cnbc, companies, saikawas, compensation, share, officer, saikawa, overpaid, scandal, deepens, investigation, ghosn, ceo, nissan, improperly, resigns, admitting, rights


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Here are the best and worst US cities for retirement

And many expect to delay retirement at least until age 65, according to recent studies. Personal finance website WalletHub has ranked 182 U.S. cities by retiree-friendliness as part of its 2019’s Best & Worst Places to Retire report. Older workers: Juneau, Alaska, has the highest share of workers aged 65-plus, 28.08% — 2.8 times higher than bottom-ranked Detroit, with 10.11%. Juneau, Alaska, has the highest share of workers aged 65-plus, 28.08% — 2.8 times higher than bottom-ranked Detroit, with


And many expect to delay retirement at least until age 65, according to recent studies. Personal finance website WalletHub has ranked 182 U.S. cities by retiree-friendliness as part of its 2019’s Best & Worst Places to Retire report. Older workers: Juneau, Alaska, has the highest share of workers aged 65-plus, 28.08% — 2.8 times higher than bottom-ranked Detroit, with 10.11%. Juneau, Alaska, has the highest share of workers aged 65-plus, 28.08% — 2.8 times higher than bottom-ranked Detroit, with
Here are the best and worst US cities for retirement Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-06  Authors: kenneth kiesnoski
Keywords: news, cnbc, companies, higher, share, lowest, retirement, city, cities, retirees, worst, best, workers, times, highest


Here are the best and worst US cities for retirement

Just under a quarter of Americans are “very confident” they’ll have enough money to retire comfortably. And many expect to delay retirement at least until age 65, according to recent studies.

So what’s a person who’s ready to call it quits at the office to do? Relocating to more affordable climes is one option.

Personal finance website WalletHub has ranked 182 U.S. cities by retiree-friendliness as part of its 2019’s Best & Worst Places to Retire report. The study compared the cities across 46 key metrics, ranging from cost of living and quality of local health care to retired taxpayer-friendliness, crime rates and availability of recreational activities.

More from Personal Finance:

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Retiring early? These 10 US cities could be your best bet

Here’s how more Americans can save for retirement

Roughly speaking, the top cities for retirees tended to be located in Southeastern or Mountain states, while those ranking last seemed to be clustered in California and the Northeast. The latter regions tend to have higher housing costs and taxes, which can impact seniors living on fixed incomes more severely.

Some key findings about the cities surveyed included:

Most seniors: Pearl City, Hawaii, boasts the highest share of the population age 65 and older, 23.3% — 3.2 times higher than Fontana, California, the city with the lowest such share at 7.2%.

Pearl City, Hawaii, boasts the highest share of the population age 65 and older, 23.3% — 3.2 times higher than Fontana, California, the city with the lowest such share at 7.2%. Lowest cost of living: Laredo, Texas, has the lowest adjusted cost-of-living index for retirees, 76.28, which is 2.6 times lower than San Francisco, the highest at 195.49.

Laredo, Texas, has the lowest adjusted cost-of-living index for retirees, 76.28, which is 2.6 times lower than San Francisco, the highest at 195.49. Older workers: Juneau, Alaska, has the highest share of workers aged 65-plus, 28.08% — 2.8 times higher than bottom-ranked Detroit, with 10.11%.

Juneau, Alaska, has the highest share of workers aged 65-plus, 28.08% — 2.8 times higher than bottom-ranked Detroit, with 10.11%. Home health care: St. Louis has the most home health-care facilities per 100,000 residents, at 49.54, which is 25.7 times more than Fontana, at 1.93.

Here are the top five best cities for retirees, followed by the five worst (with No. 1 being worst), according to WalletHub:


Company: cnbc, Activity: cnbc, Date: 2019-09-06  Authors: kenneth kiesnoski
Keywords: news, cnbc, companies, higher, share, lowest, retirement, city, cities, retirees, worst, best, workers, times, highest


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